Carine Glades Shopping Centre in Perth has sold for $24.25 million in one of the most significant neighbourhood shopping centre transactions of the year.
The 3,052 square metre neighbourhood centre, located in the northern suburbs on the corner of Beach Road and Davallia Road in Duncraig, is considered among the northern suburbs most successful shopping precincts.
The property has been acquired by a syndicate managed by Peter Hughes’ Australasian Property Investments Limited (APIL), who raised the equity for the acquisition within days of the offering being put to investors.
“We are delighted with this acquisition and Carine Glades Shopping Centre typifies the outstanding investment fundamentals demonstrated by well-located neighbourhood shopping centres in Perth’s core residential areas," Mr Hughes said.
The deal was brokered off-market by CBRE Director Andrew Woodley-Page.
Mr Woodley-Page said the transaction is the result of a number of years of dialogue between buyer and seller.
“The seller, an undisclosed private investor with considerable high level experience as a retail executive, bought the property in the mid-1980’s and has used his expertise and experience over the years to keep this asset performing to market leading standards,” Mr Woodley-Page said.